Contour, the R3 Corda-based blockchain trade finance network, has just bagged a new member.
According to The Business Times, DBS Bank has joined the Contour network. It is the first Singapore-based bank to do so, and it joins fellow finance heavies like HSBC, Standard Chartered, and BNP Paribas.
In joining Contour, DBS would be able to use the network’s digital solutions to provide “fully digital end-to-end LC settlement” processes for its customers. It would also be able to shorten settlement time, lessen paperwork, and streamline complex trades.
Joining Contour’s growing ecosystem of banks and partners aligns with DBS’s ongoing efforts to drive greater efficiencies in trade and unlock strategic value for its corporate customers,” the bank said.
John Laurens, group head of global transaction services at DBS Bank, said: “This is more than simply digitising an historically paper-based service; it’s about transforming the way industries work by providing greater transparency, security and speed to build sustainable trade ecosystems that are able to weather the peaks and troughs of economic cycles and are resilient in times of crisis.”